CHARLESTON, WV (LOOTPRESS) – The West Virginia Legislature on Tuesday completed action on Senate Bill 2033, effectively setting forth a 2% personal income tax cut.
Members of the legislature were called into Special Session recently by Governor Jim Justice, who was adamant regarding the passage of a proposed 5% tax cut.
SB 2033 passed through both the House and Senate, with the Senate voting unanimously on Monday for the bill’s passage. The House of Delegates would also vote unanimously to pass the bill on following the rejection of two proposed amendments on Tuesday.
The 2% tax cut follows a previous 4% tax cut enacted by the governor in addition to a 21.5% income tax cut which recently took effect. Governor Justice stated prior to the assembly of the Legislature on Sunday that such cuts were in service of the interests of West Virginians.
“I’m confident we’re going to get everything across the finish line,” said Governor Justice last week. “This is what the people of West Virginia are asking for: tax cuts, childcare aid, infrastructure upgrades, job creation, school improvements, school safety, and drought relief. Let’s get everything accomplished and sign some bills.”
Republican Senate Finance Chairman, Eric Tarr indicates that the recently passed 2% tax cut will be supported by way of a $19 million sum which is expected to become available upon the state’s repayment of a revenue bond along with $20-$25 million in realized savings which have emerged from efficiencies in various areas. These savings have reportedly emerged primary as a result of the recent split of the West Virginia Department of Health and Human Resources into three separate departments.
The West Virginia GOP commended by Governor Justice and the West Virginia Legislature for their efforts in getting the tax cut passed, with WV GOP Chairman Matt Herridge citing the passage of SB 2033 as merely the most recent step in the process of eliminating the personal income tax entirely, a result in which Governor Justice himself has expressed interest.
“Congratulations to Governor Justice and our Republican supermajority legislature on passing an additional tax cut for the great people of West Virginia – but most of all, congratulations to the hardworking people of the Mountain State who will now get to keep more money in their pockets,” said Herridge. “On a track for the total eradication of the personal income tax in West Virginia, Republican leadership has delivered a near-30% income tax reduction in the past two years with additional cuts on the horizon.
Thank you to our Republican leaders who have tackled important issues in this special session and continue to fight to make West Virginia the best place to live, work, and raise a family.”
From here, the legislation will be making its way to the desk of Governor Jim Justice who will determine whether the bill is signed into law.
